Published on 1/9/2014 in the Prospect News Municipals Daily.
New Issue: Walled Lake Consolidated School, Mich., sells $65.76 million of G.O.s
By Sheri Kasprzak
New York, Jan. 9 - The Walled Lake Consolidated School District of Michigan sold $65.76 million of series 2014 general obligation school building and site bonds, according to a pricing sheet.
The bonds (Aa2) were sold through Stifel, Nicolaus & Co. Inc.
The bonds are due 2017 to 2034 with term bonds due in 2037, 2040 and 2043. The serial coupons range from 2% to 5% with 0.94% to 4.57% yields. The 2037 bonds have a 5% coupon priced at 102.005 to yield 4.74%. The 2040 bonds have a 5% coupon priced at 101.225 to yield 4.84%, and the 2043 bonds have a 5% coupon priced at 100.838 to yield 4.89%.
Proceeds will be deposited into the district's school building fund to construct, equip and renovate school facilities, as well as to purchase sites for new construction.
| Issuer: | Walled Lake Consolidated School District
|
| Issue: | Series 2014 general obligation school building and site bonds
|
| Amount: | $65.76 million
|
| Type: | Negotiated
|
| Underwriters: | Stifel, Nicolaus & Co. Inc. (lead), Baird & Co. and Comerica Securities Inc. (co-managers)
|
| Rating: | Moody's: Aa2
|
| Pricing date: | Jan. 8
|
| Settlement date: | Jan. 28
|
|
|
| Amount | Maturity | Type | Coupon | Price | Yield
|
| $750,000 | 2017 | Serial | 2% | 103.393 | 0.94%
|
| $1,075,000 | 2018 | Serial | 2% | 103.015 | 1.27%
|
| $1,155,000 | 2019 | Serial | 2% | 101.4 | 1.72%
|
| $1,305,000 | 2020 | Serial | 4% | 110.467 | 2.2%
|
| $1.43 million | 2021 | Serial | 4% | 108.857 | 2.65%
|
| $1,555,000 | 2022 | Serial | 3.5% | 103.704 | 2.99%
|
| $1.68 million | 2023 | Serial | 3.5% | 101.58 | 3.3%
|
| $1,805,000 | 2024 | Serial | 5% | 112.656 | 3.46%
|
| $1.89 million | 2025 | Serial | 5% | 111.341 | 3.61%
|
| $1.98 million | 2026 | Serial | 5% | 109.873 | 3.78%
|
| $2,075,000 | 2027 | Serial | 5% | 108.512 | 3.94%
|
| $2,175,000 | 2028 | Serial | 5% | 107.338 | 4.08%
|
| $2.28 million | 2029 | Serial | 5% | 106.344 | 4.2%
|
| $2,385,000 | 2030 | Serial | 4.125% | 97.962 | 4.3%
|
| $2.48 million | 2031 | Serial | 5% | 104.792 | 4.39%
|
| $2.58 million | 2032 | Serial | 4.25% | 97.389 | 4.46%
|
| $2.69 million | 2033 | Serial | 4.375% | 98.142 | 4.52%
|
| $2.8 million | 2034 | Serial | 5% | 103.347 | 4.57%
|
| $9,175,000 | 2037 | Term | 5% | 102.005 | 4.74%
|
| $10.52 million | 2040 | Term | 5% | 101.225 | 4.84%
|
| $11,975,000 | 2043 | Term | 5% | 100.838 | 4.89%
|
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